Michelle Malkin » Look beyond the bogus bonus smokescreen

Look beyond the bogus bonus smokescreen

By Michelle Malkin • March 20, 2009 10:56 AM

My syndicated column today tallies up all the craptacular spending that’s been going on while the AIG-bashing hypocrites on the Hill crow about $165 million in corporate bonuses none of them bothered to stop before they rushed to fork over billions to AIG in the first place. I mention the little-noticed $6 billion GIVE Act, which just passed the House — and which looks like the very kind of Soros Slush Fund I warned about last summer. Also note the rising cost of the $2 trillion cap-and-trade scheme, which vigilant GOP Sen. James Inhofe has been red-flagging.

Bonus issue = Kabuki theater of mass distraction. Keep your eye on the ball.

(And this just in, via HA Headlines: “U.S. Senate Budget Committee Chairman Kent Conrad said on Thursday he expects federal deficit spending will be about $1.6 trillion greater over the next ten years than President Barack Obama’s budget plan forecasts. Obama submitted his budget outline to Congress last month which forecast almost $7 trillion in deficits through 2019, however a worsening economic picture is expected to make the budget outlook darker. Conrad told reporters that the additional $1.6 trillion over the next decade was based on projections of the Democratic majority’s budget committee staff.”

***

Look beyond the bogus bonus smokescreen
by Michelle Malkin
Creators Syndicate
Copyright 2009

“We will hunt you down!” thundered Colorado Democrat Rep. Jared Polis during the AIG bonus demagogue-a-thon on the House floor Thursday. “If they’re not going to give [the bonuses] back, we’re going to take them back!” growled Alabama Dem. Artur Davis, who vowed to recover the taxpayers’ “ill-gotten gains” from rogue corporate executives. House Republicans pressed the Democrats on who knew what and when regarding the AIG bonus protections included in Connecticut Sen. Chris Dodd’s now-infamous amendment to the stimulus bill. Rep. Barney Frank shrieked about the Bush administration’s culpability. House Speaker Nancy Pelosi smugly patted Democrats on the back for “protecting the national interest.”

I ask you now to turn away from the bogus bonus smokescreen over $165 million in taxpayer-backed compensation packages for AIG employees. It is a pittance compared to the gargantuan spending spree happening right under our noses. The AIG bonus price tag amounts to one-tenth of one percent of the total AIG giveaway ($85 billion in September, $37.8 billion in October; $40 billion in November; $30 billion in early March, which took place with the assent of a Republican administration, a Democrat administration, and the congressional leadership of both parties.

Taxpayers might be less skeptical of the born-again guardians of fiscal responsibility if these evangelists were actually practicing what they preached. While the Obama administration now issues impassioned calls to stop rewarding failure, they moved Thursday to dump another $5 billion into the failing auto industry. That’s on top of the Thursday announcement by the Federal Reserve to print up $1 trillion to buy up Treasury bonds and mortgage securities sold by the government — that no one else wants to buy.

Financial blogger Barry Ritholtz tallied up $8.5 trillion in bailout costs by December 2008 between the Federal Reserve, FDIC, Treasury, and Federal Housing Administration rescues (not including the $5.2 trillion in Fannie/Freddie portfolios that the US taxpayer is now also explicitly responsible for.) Then there’s the (at least) $50 billion proposed by Treasury Secretary Tim Geithner in February to bail out home owners and lenders who made bad home loan decisions, which would be just a small sliver of the $2.5 trillion he wants to spend on the next big banking bailout, which would draw on the second $350 billion of the TARP package over which an increasing number of Chicken Little lawmakers are having buyer’s remorse.

Phew. We’re not done yet. Also on Thursday: As AIG-bashing lawmakers inveighed against wasted taxpayer funds and lamented the lack of accountability and rush to judgment that led to passage of the porkulus bill that mysteriously protected the bonuses, the Senate quietly passed a $10 billion lands bill stuffed with earmarks and immunized from amendments. GOP Sen. Tom Coburn, fiscal conservative loner, pointed out that none of the provisions for special-interest pork projects — including $3.5 million in spending for a birthday bash celebrating the city of St. Augustine, Florida — were subject to public hearings. That’s on top of the pork-stuffed $410 billion spending bill passed two weeks ago.

Oh, and did I mention that the House passed a $6 billion volunteerism bill (the “GIVE Act”) on Wednesday to provide yet another pipeline to left-wing advocacy groups under the guise of encouraging national service? Also coming down the pike: The Obama administration’s “cap-and-trade” global warming plan, which Hill staffers learned this week could cost close to $2 trillion (nearly three times the White House’s initial estimate.) and the administration’s universal health care scheme, which health policy experts reported this week could cost about $1.5 trillion over the next decade.

It is no wonder that when earlier this week Vice President Joe Biden told local officials in Washington this week that he was “serious, absolutely serious” about policing wasteful porkulus spending in Washington (price tag: $800 billion not including interest), he was met with the only rational response his audience could muster:

Laughter.

Posted in: AIG, Pork, fiscal stimulus

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#106

On March 21st, 2009 at 7:20 am, jamesgreenidge said:

Oh, and did I mention that the House passed a $6 billion volunteerism bill (the “GIVE Act”) on Wednesday to provide yet another pipeline to left-wing advocacy groups under the guise of encouraging national service? Also … global warming plan… universal health care scheme

They’re just very serious about a chance to permanently shut conservatives out via “compassion” “friendly” “green” we-care-about-you programs. No rocket science — and it could work under a desperate populace.

James Greenidge
Queens, NY
#107

On March 21st, 2009 at 8:59 am, publiuswarmac9999 said:

It is sad to see that so many Republican legislators jumped on this punish AIG bandwagon. This is stupid as well as unconstitutional legislation, and it is a PR stunt to deflect attention away from Democrat corruption and outright incompetence. Why any Republican would join this bandwagon is beyond me – especially considering they did such a good job in staying together against the stimulus and other pork projects.

The Republican legislators better get the message that staying away from stupid legislation and Democrat idiocy is a good idea.
#108

On March 21st, 2009 at 9:55 am, WarTip said:

On March 20th, 2009 at 7:06 pm, Ilovemycountry said: So you people support giving tax dollars to incompetent folks in the form of bonuses? I thought you “tea party’ types would have a problem with wasteful spending? So much for principles.

I am against government using my money to bail out these companies period!

I am against government that wrote amendments into the pork pack to make it illegal for AIG not to pay the bonuses.

I am against government that violates private contracts entered into and agreed upon by private citizens.

I am against the nationalization of the banking and other financial institutions … or any private business for that matter.

I am against tens of billions of dollars being sent overseas to support financial institutions there.

I am against government agencies attempting to compete with the private sector. (Fannie and Freddy come to mind)

I am against government bills that require financial institutions to provide high risk loans to people who do not have the means to pay them back, thus causing this “crisis” and having the same government that created the problem come in telling me they are spending trillions of dollars of taxpayer money to fix a problem we never would have had if they had simply kept their nose out of private industry in the first place.

I am against government ~~spending~~ giving away billions of dollars of taxpayer money to protect the borders of other nations while they refuse to secure our borders.

I could go on all day, but perhaps by now, you can understand that maybe AIG (And all these other “bailout” recipients) should have just been allowed to die a natural death. Other companies would have come in and picked up the pieces and life would have gone on while we saved trillions of dollars.

That government which is best, is that which governs least!
#109

On March 21st, 2009 at 10:28 am, lottadawg said:

Thanks WarTip! A most welcome post.
#110

On March 21st, 2009 at 10:30 am, ArizonaNeanderthal said:

On March 20th, 2009 at 7:06 pm, Ilovemycountry said:
So you people support giving tax dollars to incompetent folks in the form of bonuses?

No, that would be YOU folks Ilovemycountry . It was Barney and friends who gave tax money to AIG and it was YOU folks who wrote the legislation guaranteeing the bonuses. It was YOU folks Ilovemycountry who screamed and wailed that the country would collapse in 24 hours if the legislation was not passed NOW!!!!

Now neither you, I, Michelle Malkin, Barney Frank, Chris Dodd or Chuck Schumer know which AIG employees and contractors getting the bonuses made or lost money or whose policies and actions did what–you are lying.

What we DO know is those bonuses were protected in the legislation the DEMOCRATS wrote, the DEMOCRATS passed and the DEMOCRAT President Obama signed. Again, you are lying-you have no way of knowing who was and was not incompetent.

Contracts? Just words? So much for the principles of the Left.

Good Bye America-you will be missed.

—
Keep the change-I’ll keep my guns
#111

On March 21st, 2009 at 11:14 am, NestingHawk said:

Ilovemycountry,

Do you not see the dangers in ex post facto laws?

Do you not see the danger in ignoring constitutionality when making the laws?

Do you not see the danger in 90% tax rates?

Do you not see the danger in government taxing people on the basis that “taxpayers ought to have that money”?

Do you not see the danger in government taxing people because the mob is angry at them?

I do think we ought not to have bailed out AIG in the first place, but the above points scare me more. And Ilovemycountry, did you get the detail that these execs may have helped the company? What is your opinion on that detail, if you still have time after addressing the above?
#112

On March 21st, 2009 at 11:32 am, old trooper said:

Ilovemycountry, I think the Country You Love is not the one I served for 28 years & the one that Democrats are working full time to Destroy.

Try Cuba. No one gets bonuses, universal health care for all & the rest of the Socialist Values that you embrace.

I will work to save the Country I love and prevent folks like you from ruining it.
#114

On March 21st, 2009 at 2:14 pm, mike.musculus said:

I read history…

Having read the words said and written by Infamous, Mighty Men, and those who have surrounded them — those people who’ve moved History along but believe the Opposite of my Beliefs.

One thing Happens Always, same as Night follows Day:

The Population who helped such as these gain their stolen Power…

Power Gifted to His Children, By a Heavenly Father who Loves All His Children…

That Power, Free Agency: without which, for Man or God, nothing else is possible…

Those Infamous Men, after stealing that Power, Always once its safely stolen…

First turn and rend that Population who did help in the stealing…

Because, those Infamous Men say, in many different words:

‘If These Ones would Turn on Those Who Left Them Alone…

How Much More would They Turn on Me, Who would Take All They have and Control All They Do?’

This is a Truth.
I take no joy in the fact that the “little people”, the Everyman who is helping OB, such as those trolls here, will have a place in line ahead of me, because the ease with which he was misled and the mecurial nature of his ability to justify any position — no matter how loathsome — makes him more dangerous to the State than a Principled Man who holds opposing Principles. All it takes is a slightly more charismatic puppet, and off they go!

[no sarc, etc...:]
I feel terribly sad for people like ilmc…
#117

On March 21st, 2009 at 4:08 pm, ITookTheRedPill said:

The Democratic Socialist Communists have turned the “War on Terror” into the “War on Capitalism”.
#118

On March 21st, 2009 at 4:14 pm, WarTip said:

On March 21st, 2009 at 2:14 pm, mike.musculus said: This is a Truth.
I take no joy in the fact that the “little people”, the Everyman who is helping OB, such as those trolls here, will have a place in line ahead of me, because the ease with which he was misled and the mecurial nature of his ability to justify any position — no matter how loathsome — makes him more dangerous to the State than a Principled Man who holds opposing Principles. All it takes is a slightly more charismatic puppet, and off they go!

[no sarc, etc...:]
I feel terribly sad for people like ilmc…

An interesting difference of opinion. This is actually one of the very few consolations I have. Knowing that while true patriots may still be fighting, those that have brought such a horrific plague upon our society will no longer be around to create the same mess again.

I can only pray that it does not come to that. Although, between my love for politics and my belief in the Bible, I have little room to believe that it will not. Still, I do pray that I am wrong. The cost to our children would be great indeed, and not just financially.
#119

On March 21st, 2009 at 4:15 pm, WarTip said:

Then again, I have no intention of being in the line. What were the words of Leonidas? “Come and take them!”
#120

On March 21st, 2009 at 7:10 pm, torabora said:

Polis can bite me.

tool

fool
#121

On March 21st, 2009 at 7:43 pm, emjem24 said:

lgm said:

Note to emjem24 and other members of the special right wing debate team: the point of the sarcasm is that you want to execute Bill Ayers but happily tolerate the same violence from the right.

Note to lgm: when you can’t defend left-wing, anti-military extremists like your hero Ayres, don’t use me as a prop when you’re challenged and your words ring hollow. Where was your love of the troops? Ever? Do any in your family serve? Of course not, because they (and you) would actually have to give a crap about the country and less about yourselves to do so.

As I said before, you and your notions of humor and sarcasm are lame and misplaced. There was plenty of criticism coming from different quarters (and not just left-wing bootlickers like yourself). That’s why an audit was done by the federal government on contracts within the DOD and overseas.

No, no, don’t let your weak debating skills get in the way of a good “it’s Bush’s fault,” “it’s the Iraq War’s fault,” “or it’s that we spend too much on the military” diatribe.

It must really hurt your pathetically small sense of self to be challenged while there are thousands overseas defending your right to live in ignorance. Go ahead and feed another grape to Nerobama, slave boy. You’re just another slave to ideology that only benefits you, not the country at large.
#122

On March 21st, 2009 at 10:09 pm, Patronedheart said:

Well said, em.
#124

On March 21st, 2009 at 11:33 pm, mike.musculus said:

WarTip:
The line was metaphorical, I won’t stand in line, either.

Can’t remember that ref. off hand, but a real “ah ha” moment for me in Old Testament study was when I read that Heavenly Father is unhappy at the punishment & death of sinners. He would much rather they learn Righteousness.

Long ago that started me thinking that it is wrong to be angry with these Mindless Ones. It isn’t our place to feel hate or anger towards these wayward brothers & sisters… And, in the Book of Mormon, (which, note, is a collection of political conficts and wars between Unrighteous peoples and Righteous ones), the Righteous Actors don’t hate those they’re fighting, because those too were created by God. It *also* didn’t slow them down defending themselves, either.

And it shouldn’t slow us, either.

One time, after a big battle, the Unrighteous craved quarter, after refusing it to the Righteous. The Righteous Leader (Moroni) simply asked the Evil Leader to sware he’d forever leave them alone. If the Evil Leader refused, Moroni said he wouldn’t extend quarter. When the Evil Leader DID refuse, Moroni and his men slew them mercilessly… but sad that they had to do it.

There’s a lesson there: if these people continue to steal our Liberty, we must stop them. God gave us our Liberty, only He can take it w/o a fight.
#125

On March 22nd, 2009 at 3:44 am, WarTip said:

On March 21st, 2009 at 11:33 pm, mike.musculus said:

Exodus, where the Egyptians who wished were allowed to leave with the Israelites, on through Isaiah and Daniel and touched upon in the books of the Minor Prophets. My references for that would be mostly in the New Testament or Greek and Aramaic Scriptures, including (But not limited to) 1st Timothy and Ecclesiastes mostly.

You are correct, but to truly forgive someone, you must forget that which is to be forgiven. My hope therefore lays in the fact that we are trapped in a world of sin so that we may all be judged equally. In the meantime, I pray that God will forgive me for my humanity but still, it is difficult to forget what they have done when our families and children will also suffer the consequences. There is also a passage in there about a Man who does not provide for his family being worse than an unbeliever. It does make for some interesting quandaries and I would love to have the discussion with you, though it is likely this is not the proper place for such a discussion.

Still, some truly excellent points and a great reminder that at least, maybe I will not smirk or sneer as they are lined up against the wall. Still, I will continue to pray that it does not come to that.
#126

On March 22nd, 2009 at 5:24 am, graysonret said:

Why any Republican would join this bandwagon is beyond me

Re-election, my friend. They put up their finger to see which way the wind blows, and vote accordingly. Their true purpose is not to help the country, it’s to be re-elected back into office; from the first day they sit in the seat. Money is the important item. Got to get money from the lobbyists to fund a new campaign. This is true both for the democrats and republicans.
#127

On March 22nd, 2009 at 7:20 am, WarTip said:

On March 22nd, 2009 at 5:24 am, graysonret said: Re-election, my friend. They put up their finger to see which way the wind blows, and vote accordingly. Their true purpose is not to help the country, it’s to be re-elected back into office; from the first day they sit in the seat. Money is the important item. Got to get money from the lobbyists to fund a new campaign. This is true both for the democrats and republicans.

Which is why lobbyists, PACs, SIGs and other political “contributors” need to be banned from any financial involvement with the elected officials … more specifically, the entire process needs to be taken out of play altogether. It is supposed to be of the people, by the people and for the people but our illustrious bloated bureaucrats have forgotten and ignored us so now, it is time to make a stand to remind them that we are here. (Hear us roar? dare I say it?)
#128

On March 22nd, 2009 at 8:14 am, graysonret said:

I’m in complete agreement with that, WarTip.
#130

On March 22nd, 2009 at 9:11 am, torabora said:

These Corporate titans, many of which funded duh1’s candidacy, better start fighting back….for ALL our sakes.

The top 1% pay the lions share of taxes and if the DemocRATS have their way the rest of us will have to pay waaaaay more to finance the welfare state.

Meanwhile, GO GALT!
#132

On March 22nd, 2009 at 11:04 am, plymouthacclaim said:

I think these are the versed you are looking for:

Ezekiel 18:23
Do I take any pleasure in the death of the wicked? declares the Sovereign LORD. Rather, am I not pleased when they turn from their ways and live?

Ezekiel 33:11
Say to them, ‘As surely as I live, declares the Sovereign LORD, I take no pleasure in the death of the wicked, but rather that they turn from their ways and live. Turn! Turn from your evil ways! Why will you die, O house of Israel?’
#133

On March 22nd, 2009 at 11:26 am, cheapseat said:

it is sunday morning, and the dear leader has just announced another 1 trillion dollar bailout for the banking and mortgage industry. we the taxpayers will buy the “toxic” assets on the books of the mortgage lending/banking industry so they can get back to lending more money to deadbeats creating more toxic assets. as we speak, dear leader has put several trillions into the reserve accounts of the banks, but they can’t or won’t lend it out because they can’t find borrowers. the term is pushing on a rope. ropes can only be pulled if they are to be effective. but dear leader seems to believe that putting trillions into the reserve accounts of these banks, and removing their dead assets, that that will get them to loan more. and this from a harvard man!
#134

On March 22nd, 2009 at 2:29 pm, Chard402003 said:

If they truly want to restrict bonuses to people who have caused havoc to the economy, Congress need look no further than Congress.
#135

On March 22nd, 2009 at 4:22 pm, inspiredhome said:

I wouldn’t mind the government recovering the bonuses if they intended to give it back to the taxpayers. Like that’s going to happen.
#136

On March 22nd, 2009 at 5:33 pm, CWinNY said:

Seems to me this policy of making someone the scapegoat for all economic difficulties has been tried before. Maybe the Obama administration could try making all the “evil” bankers, Wall Street executives, and speculators all wear a Green Dollar cloth patch on their clothing (pink triangles and yellow star of Davids having been already taken). That way all the Democrats could easily tell who the “bad” guys are.
#137

On March 22nd, 2009 at 6:06 pm, RabbidSquirrel said:

I wouldn’t mind the government recovering the bonuses if they intended to give it back to the taxpayers. Like that’s going to happen.

Yeh, give what back. Thats like a $.50 stimulus check to every person in the U.S.

Well, now that I think about it. I’ve never known what a stimulus check is, because I’ve never gotten one. So $.50 would be a nice little surprise in the mailbox. (But arent stamps $.42 these days?)

So when poor people use their stimulus checks to buy cigarettes, booze and drugs, is that really helping out the economy anyway?
#138

On March 22nd, 2009 at 7:51 pm, Laree said:

A.I.G. Taking us all on Mr Toad’s Wild Ride.

http://youhavetobethistalltogoonthisride.blogspot.com/2009/03/aig-taking-us-all-on-mr-toads-wild-ride.html
#139

On March 22nd, 2009 at 8:35 pm, inspiredhome said:

I was thinking more along the line of give it ALL back. Ever since they passed the income tax amendment and created all those God forsaken government programs. If they really wanted to help us out they’d cut the budget.
#141

On March 22nd, 2009 at 10:51 pm, 29Victor said:

If they’re not going to give [the bonuses] back, we’re going to take them back!

I’m thinkin’ there’s a whole log of Obama voters who wish they could do the same thing with their votes right now.

Too bad regular citizens, unlike Congress, are constrained from changing their minds.
#142

On March 22nd, 2009 at 11:00 pm, 29Victor said:

This all reminds me of the witch scene from Monty Python (what doesn’t, really…).

They create the witch, then they want to destroy her for being a witch. Sorry it’s so looooong.

CROWD:
A witch! A witch! A witch! A witch! We’ve found a witch! A witch! A witch! A witch! A witch! We’ve got a witch! A witch! A witch! Burn her! Burn her! Burn her! We’ve found a witch! We’ve found a witch! A witch! A witch! A witch!
VILLAGER #1:
We have found a witch. May we burn her?

CROWD:
Burn her! Burn! Burn her! Burn her!
BEDEVERE:
How do you know she is a witch?
VILLAGER #2:
She looks like one.
CROWD:
Right! Yeah! Yeah!
BEDEVERE:
Bring her forward.
WITCH:
I’m not a witch. I’m not a witch.
BEDEVERE:
Uh, but you are dressed as one.

WITCH:
They dressed me up like this.
CROWD:
Augh, we didn’t! We didn’t…
WITCH:
And this isn’t my nose. It’s a false one.
BEDEVERE:
Well?
VILLAGER #1:
Well, we did do the nose.
BEDEVERE:
The nose?
VILLAGER #1:
And the hat, but she is a witch!
VILLAGER #2:
Yeah!
CROWD:
We burn her! Right! Yeaaah! Yeaah!
BEDEVERE:
Did you dress her up like this?
VILLAGER #1:
No!
VILLAGER #2 and 3:
No. No.
VILLAGER #2:
No.
VILLAGER #1:
No.
VILLAGERS #2 and #3:
No.
VILLAGER #1:
Yes.
VILLAGER #2:
Yes.
VILLAGER #1:
Yes. Yeah, a bit.
VILLAGER #3:
A bit.
VILLAGERS #1 and #2:
A bit.
VILLAGER #3:
A bit.
VILLAGER #1:
She has got a wart.
RANDOM:
[cough]
BEDEVERE:
What makes you think she is a witch?
VILLAGER #3:
Well, she turned me into a newt.
BEDEVERE:
A newt?
VILLAGER #3:
I got better.
VILLAGER #2:
Burn her anyway!
VILLAGER #1:
Burn!
CROWD:
Burn her! Burn! Burn her!…
#144

On March 23rd, 2009 at 3:07 pm, JeffH said:

1. raise your hand if you made $165 million last year? $1 million? Now maybe that’s not a lot of money for congressmen spending trillions, but for the rest of us it is.

2. no one in the media notes the hypocrisy of congress complaining about AIG bonuses when they just voted themselves automatic pay raises …
#145

On March 25th, 2009 at 10:40 am, chaosrainz said:

People who think those bonuses need to be paid back are evil and anti-American. Those people did nothing wrong. Even if they did a lousy job, millions of people do that every day and still keep their jobs and get paid for it. Look at congress if you don’t believe me.
These people took a job in good faith and expected what they were promised. Harping about how much they earned is just jealousy. I make less than $30k a year and I say God bless ‘em.

Why is it that CEOs and bankers get the, “oh i can’t believe they make that much; that’s just crazy; nobody should make that much” speeches and yet actors, writers, athletes, retired politicians and nascar drivers make tons more and that’s fine? I guess the difference is that they look good doing it.
Grow up.